as an accurate indicator of house price trends at the neighborhood level. Includes information on listings in the Seattle WA area as a whole as well as within individual neighborhoods and subdivisions in Seattle. In the last twelve months, Seattle's appreciation rate has been 1.99%, which is lower than appreciation rates in most communities in America. This However, as seen on the chart, prices rebounded shortly after in the beginning of 2017. Different neighborhoods by Fannie Mae or Freddie Mac (by the FHFA). Here is the median sales price of a home/condo in Seattle. This interactive chart tracks housing starts data back to 1959. are fed into NeighborhoodScout's search algorithms. city and town, approximately two months after the end of the previous quarter. neighborhood-specific median house values from the Census Bureau using NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… conforming, conventional mortgages. Seattle real estate appreciated 84.92% over the last ten years, which is an average annual home appreciation rate of 6.34%, putting Seattle in the top 10% nationally for real estate appreciation. exceed the conforming loan limit, a figure linked to an index published by the underwriting guidelines of Fannie Mae or Freddie Mac and that doesn't Interpretation. of the movement of single-family house prices. only average in appreciation for the same period relative to other neighborhoods are used to identify repeat transactions for the most recent quarter, then information is obtained by reviewing repeat mortgage transactions on Raw data sources: In addition to information on the average price of Seattle real estate market listings, you'll also find info on the average days on market, the average price reduction, the average price of homes by bedroom, and other market data. The average sale price for Seattle homes is $573,194. I’m the founder of UrbanCondoSpaces and I lead Seattle’s number one condo team. Conventional means that the mortgages Although the Seattle metro area continues to drive housing cost growth throughout the state, Washington has seen home prices grow faster than any other state in the country for three straight months. The historical change in home prices for Seattle-Bellevue-Everett, WA is shown below for the three-time period. median house value data reported by respondents via the U.S. Bureau of the than one mortgage transaction has occurred. The charts show the vast difference between the price per home and the number of homes available. NeighborhoodScout has calculated and provides home appreciation rates as a American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency. Methodology: 10-years, and even from 2000 to present. Seattle Community College-Central Campus / Broadway, U of Washington-Seattle Campus / NE 45th St. Home Values, Rents: Reflects Q2 2020. appreciation rate, and the average annual appreciation rate for each time Read more. Mortgages on properties financed by government-insured loans, such as FHA January 17, 2018 By Jeff Reynolds Leave a Comment. States Bureau of the Census with quarterly house resale data. Large apartment complexes or high rise apartments are the single most common housing type in Seattle, accounting for 46.39% of the city's housing units. Have questions? UCS is a blog specializing in Urban Living. When you look at the 10 year chart, the high for condos available for sale were 449 in August of 2008. developed by Dr. Schiller, NeighborhoodScout's founder, are applied Mortgage transactions on condominiums investors and individual homebuyers. This is a change of -0.25% from last month and 6.82% from one year ago. By sending this Report you agree to NeighborhoodScout's, APPRECIATION RATE TRENDS AND HOUSING MARKET DATA. Conforming refers to a mortgage that both meets The average sale price of a home in Seattle was $747K last month, up 6.9% since last year. renters or have no single-family homes (dwellings without an entrance directly appreciation rates for each city, town and neighborhood within each time Cities that are predominantly high-density buildings are relatively uncommon in the US. This makes comparisons of house appreciation rates equally easy for professional Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage. The Survey of Construction does not collect sales information for multifamily buildings or for existing homes. Setting, Housing Stock, Homeownership: 2018 (latest available). securitized by Fannie Mae and Freddie Mac. The first chart is a picture, the second is interactive, feel free to adjust accordingly. In addition the average home is selling for 1.6% higher than it is listed as. 8,376,755. Based on the pioneering research of Robert J. Shiller and Karl E. Case the index is generally considered the leading measure of U.S. residential real estate prices. One very important thing to keep in mind is that these are average appreciation rates for the city.   UCS is a blog specializing in Urban Living. I’m going to show you the median price per unit in Seattle in comparison to the number of homes available for sale. Now lets look at the number of homes available for sale. The blue line represents nominal house prices. The red line represents inflation-adjusted house prices. the Federal Housing Finance Board. transactions to the FHFA. Below, I provide and graph historical monthly median single-family home … within a city or town can have drastically different home appreciation rates. The appreciation rates serve entity. With 744,955 people, 323,446 houses or apartments, and a median cost of homes of $774,806, Seattle house prices are not only among the most expensive in Washington, Seattle real estate also is some of the most expensive in all of America. As you can see, median price per home is up 15.2% over last year, but up 93% since 2012. Appreciation rates are updated We have already seen where a low inventory should drive up prices. During the housing bubble of 2006 the ratio reached 4.5 - in other words, the median price for a single family home in the United States cost 4.5 times the US median annual household income. Census, and a weighted repeat sales index, meaning that they measure average These data are combined with the data of the These resultant neighborhood appreciation rates are a broad measure A reader emailed last week, requesting some information on the historic rate of price growth for King County home prices, in order to make a more educated guess when making buy-vs-rent calculations. There were 1.49 million previously owned homes on the market in August, down from 1.83 million a year ago. Now, because we focus on the Seattle condo market as well, I want to show you how severe the decline of available homes is in Downtown Seattle. My name is Jeff Reynolds and I’m a real estate broker with Compass Seattle. Each quarter, Fannie Mae and Freddie Mac provide their most recent mortgage Historical Time Series. My name is Jeff Reynolds and I'm a real estate broker with Compass Seattle. www.UrbanCondoSpaces.com | Seek. In this example, the neighborhood is The Home Price Index indicates that the Seattle market is up 48% over the last 10 years (data up to 3rd Quarter, 2018). For 2018, Zillow predicts home prices and rents will continue to rise, just more slowly. A full 27.83% of the city's housing hails from this era. Copyright © 2000-2020 Location Inc®. Due most likely to pent-up demand following the Governor’s COVID-19 restrictions earlier in the spring and summer, the index showed Puget Sound residential home prices leaping by more than one […] Just since last year, the number of condos available for sale has declined 26%. The price of houses in January 2000 is given the value of 100. amount exceeds the conforming loan limit. That's a decline of 0.07 points or 0.02% below the Seattle Home Price Index all time high. If you are a home buyer or real estate investor, Seattle definitely has a track record of being one of the best long term real estate investments in America through the last ten years. Contact me to see homes for sale, to sell your condo or to simply learn more about the Seattle Real Estate market. Other types of housing that are prevalent in Seattle include single-family detached homes ( 41.82%), duplexes, homes converted to apartments or other small apartment buildings ( 6.33%), and a few row houses and other attached homes ( 5.18%). are neither insured nor guaranteed by the FHA, VA, or other federal government The median existing house price increased to a record USD 310,600. All the trademarks displayed on this page are the property of Location, Inc®. in the state of California. to the outside). Live. There were 5,085 homes available for sale in 2009. SEATTLE - Home prices in the Seattle metro area fell last month, according to a new report released Monday. To that end, I am providing the following charts and table. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Seattle were at 1.35%, which equates to an annual appreciation rate of 5.51%. median house values in each neighborhood, and combine data from the United state (e.g., 9 relative to the nation, 5 relative to California [10 is highest]). So a Case-Shiller value of 200 means house prices have doubled since January 2000. The raw raw version of … The Seattle housing market is very competitive. The real estate market in Seattle is approaching year 4 of massive price gains. Jeff Reynolds | Luxury Marketing Specialist Seattle has a mixture of owner-occupied and renter-occupied housing. The following data are for new, single-family houses only. not produce appreciation rates for neighborhoods that consist solely of We also show how each city, town or neighborhood's appreciation rate compares S&P/Case-Shiller WA-Seattle Home Price Index Index Jan 2000=100, Monthly Not Seasonally Adjusted Jan 1990 to Sep 2020 (1 day ago) Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Seattle - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Seattle real estate investment or home purchase decisions. As such, NeighborhoodScout does Only mortgage transactions on single-family Seattle Washington Residential Rent and Rental Statistics. We recently explored if now is the time to sell in this market – have a look at our post. The data previous 29 years to establish price differentials on properties where more Our data are built upon Download the spreadsheet The charts show the vast difference between the price per home and the number of homes available. by NeighborhoodScout each quarter as additional mortgages are purchased or properties are included. The typical home value of homes in the United States is $262,604. Real estate activity peaked in the summer of 2005, but home prices kept rising for another year. at the city, town and even the neighborhood level. This month, the real estate research team at Zillow predicted that the median home value in Seattle would decline by -2.6% over the next 12 months. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Other housing ages represented in Seattle include homes built before 1939 ( 26.03%) and housing constructed between 1970-1999 ( 24.73%). Inflation Adjusted Real Estate Prices- Lets take a look at the idea that housing prices always go up. jeff@urbancondospaces.com | 206.794.1118 Home values. The median monthly gross residential rent in Seattle, WA (the Seattle-Tacoma-Bellevue metro area) was $1,621 in 2019 according to the Census ACS survey. Here are graphs of inflation-adjusted, historical housing prices. Interpretation. Contact Us | 206-794-1118. When I first noticed the U.S. housing bubble in spring of 2001, I never imagined it would last as long or get as big as it did. or neighborhood over the latest quarter, the last year, 2-years, 5-years, At last month’s publication of the August Case Shiller Home Price Index results for Seattle, we noted an outsized monthly increase in the index results. The real estate market in Seattle is approaching year 4 of massive price gains. People in Seattle primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. 7,043,501 and 7,680,859. The S&P CoreLogic Case-Shiller 20-city home price index in the US rose 6.6% from a year earlier in September of 2020, following a 5.3% increase in the previous month and well above market expectations of a 5.1% gain. There's also some housing in Seattle built between 2000 and later ( 21.40%). During that same time, the Seattle population grew from 616,627 to 704,352 – a near 15% increase. Seattle's housing was primarily built during this period, from the '40s through the '60s. This value is seasonally adjusted and only includes the middle price tier of homes. Market Data, Property Search, Condo Profiles, Rental Information, Market Analysis & New Construction Updates, How To Review Downtown Seattle Condo Stats, Year Over Year, How to Compete In Seattle’s Booming Real Estate Market (Guest Post), 3 Reasons Why You Could Consider Selling Seattle Real Estate, Amazon To Buy 3 Blocks In The Denny Triangle, Market Mover For Seattle Real Estate, Losing a Home to Another Buyer; The Story of a Seattle Real Estate Recovery. PDF versions will no longer be produced. Other US patent applications are currently pending. The Shiller Case Homes Price Index seeks to measure the price of all existing single-family housing stock. Sometimes it is easier to understand the housing data by looking at it versus reading about it. The real estate to gold ratio measures the amount of gold it takes to buy a single family home. Zillow Home Value Index (ZHVI): A smoothed, seasonally adjusted measure of the typical home value and market changes across a given region and housing type.It reflects the typical value for homes in the 35th to 65th percentile range. The above chart estimates the market value of today's median-priced Seattle, Washington metropolitan area house from 1990 until present. Our nationally-comparable school ratings are covered under US Patent No. All I can say is “wow”. Note - beginning in November 2019, these tables will be available only in Excel format. single-family properties whose mortgages have been purchased or securitized to produce neighborhood appreciation rates. Median home price in Washington 1996 - 2019 Year Median 2019 $397,900 2018 $362,100 2017 $348,900 2016 $315,900 2015 $289,100 2014 $267,600 2013 $253,800 2012 $236,600 2011 $223,900 2010 $246,300 2009 $250,400 2008 $284,400 2007 $309,600 2006 $293,800 2005 $260,900 2004 $225,000 2003 $203,800 2002 $188,500 2001 $179,900 2000 $176,300 1999 $166,600 The median home price … The average size for a Seattle, WA apartment is 698 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. In 2017, Seattle home prices hit a record high of $700,000 within the city limits in April and the median rent in the same area hit $2,000 per month. Along with growing consumer confidence, Oudil says supply played a key role in rising prices. If you are a home buyer or real estate investor, Seattle definitely has a track record of being one of the best long term real estate investments in America through the last ten years. The charts are mind-blowing. reflect appreciation rates for the neighborhood overall, not necessarily percentage change in the resale value of existing homes in that city, town Graph and download economic data for S&P/Case-Shiller WA-Seattle Home Price Index (SEXRNSA) from Jan 1990 to Sep 2020 about Seattle, WA, HPI, housing, price index, price, indexes, and USA. Housing Starts: New Privately Owned Units - Historical … or VA mortgages, are excluded, as are properties with mortgages whose principal each individual house in the neighborhood. Neighborhood appreciation rate data are based on transactions involving NeighborhoodScout reveals the home appreciation rates for every city, town, We show both the cumulative Our data are calculated and updated every three months for each neighborhood, Contact me to see homes for sale, to sell your condo or to simply learn more about the Seattle Real Estate market. Interactive Chart Case-Shiller Home Price Index: Seattle, WA is at a current level of 266.02, down from 266.68 last month and up from 249.03 one year ago. The all time high in the Seattle Home Price Index was 366.7 in the 2nd Quarter, of 2018. Then proprietary algorithms A while back (September 2006, to be more precise) the Seattle Times published a 22-year “analysis” of King County home prices, which essentially came to the conclusion that Seattle would be immune to the home price drops that were beginning to occur elsewhere around the country.Their graph of local home prices going back to 1984 was interesting, but I was frustrated by two things. Updated annually. In the last 10 years, Seattle has experienced some of the highest home appreciation rates of any community in the nation. Historically a house in the US cost around 3 times the median annual income. First up is the average growth rate for King County Single-Family homes […] Year-on-year, existing home sales went up 10.5%. The NeighborhoodScout® search engine is covered under US Patents No. per year: 16.8%). The current level of housing starts as of October 2020 is 1,530.00 thousand homes. Because of the density, these types of cities are often walkable and compact, and often have a lively downtown. Neighborhood appreciation rates from NeighborhoodScout are based on both Filed Under: All Condos, Home, In the news, Market News/Trends Tagged With: 10 years, Condo, Condos, Home, homes, Housing, Real Estate, Seattle. Seattle real estate appreciated 84.92% over the last ten years, which is an average annual home appreciation rate of 6.34%, putting Seattle in the top 10% nationally for real estate appreciation. The new mortgage acquisitions If you bought a house for $337,500 in 2012, it is now worth $651,000. United States home values have gone up 6.6% over the past year and Zillow predicts they will rise 7.9% in the next year. In comparison 5 years ago the average sales price was $354,572. Homes in Seattle receive 4 offers on average and sell in around 8 days. Over the last year, Seattle appreciation rates have trailed the rest of the nation. Today, in all of Seattle there are 973. I'm the founder of UrbanCondoSpaces and I lead Seattle's number one condo team. creating an updated historical database that is then used to estimate the Updated quarterly. This reflects a 86% decrease in inventory (or condos for sale). one of the highest appreciating in the nation over the last 5-years, but is Urban.   NeighborhoodScout vividly reveals such differences. Individual neighborhoods within Seattle differ in their investment potential, sometimes by a great deal. Of course, each neighborhood is different, so some neighborhoods might be going down while a few miles away housing prices are skyrocketing but by looking at the nationwide average and by adjusting those prices for inflation we can get a better picture of how real estate prices really act… "Home sales continue to amaze, and there are plenty of buyers in the pipeline ready to enter the market. The Case-Shiller Home Price Index measures house price inflation and is similar in concept to the government’s Consumer Price Indexes which measure consumer price inflation. and even most neighborhoods in America. NeighborhoodScout's proprietary algorithms developed by Dr. Schiller, Secondly, if you consider one simple economic factor (supply and demand), you’ll see how the dwindled number of homes for sale is 100% correlated to the massive increase in the sales price for a Seattle home. The median sales price is up 93% since the bottom in 2012. The Home Price Index indicates that the Seattle Market is up 48% over the last 10 years. or multi-unit properties are also excluded. period. price changes in repeat sales or refinancings on the same properties. Today, there are just 63 units available for purchase. The 3rd Quarter, 2018 index value was 366.6. to other cities, towns and neighborhoods in the nation, and within the same The average sale price per square foot in Seattle is $468, up 3.5% since last year. Want more data, contact us. Relative to Washington, our data show that Seattle's latest annual appreciation rate is lower than 90% of the other cities and towns in Washington. Our data are designed to capture changes in the value of single-family homes Prices began to fall immediately following the implementation of Greater Vancouver’s 15 per cent foreign-buyer tax, which was introduced in August 2016. It is the biggest jump in house prices since April of 2018. At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. I’m going to show you a 10 year history of the Seattle housing market. The data are merged with Homes you could buy right now: Pretty remarkable right? period (e.g., last 5-years: 84% total appreciation, Avg. You don’t have to be an expert or an economist to see how fast the price of a Seattle home has increased. Sometimes it is easier to understand the housing data by looking at it versus reading about it. Over the last thirty years, it is up 497%.